Homebuilders in recession-struck Bakersfield, California, have turned into landlords, renting their units while they wait for the housing market to rebound.
Developers are trying to weather the economic storm by turning their quick-profit intentions into rentable moneymakers.
"Mr. Lantz, who owns a commercial-development firm, found himself stuck with land he couldn't sell, so he made the unusual choice to build 53 homes. Instead of selling them, he's waiting out the downturn by renting them for between $1,150 and $1,350 per month.
Construction financing wasn't available–most lenders are hesitant to fund any new residential projects–so Mr. Lantz and his partners are paying about $85,000 to build each unit. Half the homes are done and construction should be finished this fall, reports trade publication builderonline.com."
Read the full story: For Bakersfield Builder, Rentals Are ‘Cutting-Edge’ Solution
The Pandemic Effect: Landlord Edition
A new survey highlights the impact of the COVID-19 crisis on small landlords, who provide much of the nation's low-cost rental housing.
Effort to Rid Apartments of Lead Poisoning Risk Pushes Forward in Philadelphia
It’s been a tough slog for a bill designed to force landlords to remove lead from all buildings before they can charge tenants for rent.
California high-speed rail accomplishes only one legislative goal in 2026
The majority of the agency's failed pitches were never developed into written proposals.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Chicago breaks ground on $3 billion megadevelopment
The new neighborhood, titled Foundry Park, will one day host 3,700 residences.
One of Denver’s busiest corridors to gain BRT
The project will span 18 miles and contain 74 bus rapid transit stations.
275,000 bus trips are at stake on Seattle's ballot
If passed, the Seattle Transit Measure would trigger a 0.3% sales tax and raise an average of $138 million per year to maintain and expand Seattle’s bus services.
Texas may pay Israeli company billions to ease water woes
Texas awarded IDE Technologies the contract for its Harbor Island project, which is slated to become the Western Hemisphere's largest desalination plant.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority